Success(ion) Planning Business

University of Minnesota Extension Online Course to begin March 3

A new business owner being handed keys from the prior owner.

Prepare your business for what’s next

Whether your exit is three years or three decades away, every business owner needs an exit strategy. Don’t let one of the “five D’s” — death, disease, disaster, disability and divorce — knock your business off course.

Extension’s five-week online course, offered in partnership with VisionOne High Performance Group, will guide you through a business succession planning process to learn, leverage and plan for your transition. When it’s time to hand over the keys, you and the future leaders of the business will be ready.

During the online course, you will:

  • Build your knowledge and the ability to create your business succession strategy.
  • Learn with other business owners.
  • Learn about the different options available to transition your business (third party, employee ownership, family, etc.).
  • Prepare a formal comprehensive succession plan.

Course format

It can be hard for a business when the community learns a business may be closing, and rumors may circulate. The course is designed to be discreet and confidential to allow you to feel open discussing your business’s future. If you desire outside professional assistance, this course will help you find it.

The course will be online via live (e.g., synchronous) weekly sessions on Zoom, as well as include materials and activities that are accessed online and done on your own time (asynchronous).

For more (optional) one-to-one help, you may contract with University of Minnesota’s partner entity, VisionOne High Performance Group, for consultation services.

Intended audience

  • Business owners
  • Other people affiliated with the business, including co-owners, managers, key employees and family members

Costs

  • $500 — one business may register up to five people to participate

Meet your instructors

Upcoming courses

Extension is planning to offer three courses in 2022. The spring course is scheduled from March 3 to April 14. Details for other courses in 2022 are to be determined.

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